Koil Energy Solutions Files Q3 2024 10-Q

TL;DR

Koil Energy Solutions filed its Q3 2024 10-Q, check financials.

AI Summary

Koil Energy Solutions, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and stakeholders with a crucial update on Koil Energy Solutions' financial health and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the oil and gas sector can be subject to significant market volatility and regulatory changes.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-11-04 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Koil Energy Solutions, Inc. (company) — Filer of the 10-Q
• Deep Down, Inc. (company) — Former company name
• MediQuip Holdings, INC (company) — Former company name
• TRUE HEALTH INC (company) — Former company name
• 20240930 (date) — End of reporting period
• 20241104 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — outstanding of Common Stock, par value $0.001 per share. IMPORTANT INFORMATION REGAR

Filing Documents

• koil_i10q-093024.htm (10-Q) — 521KB
• koil_ex3101.htm (EX-31.1) — 7KB
• koil_ex3102.htm (EX-31.2) — 7KB
• koil_ex3201.htm (EX-32.1) — 3KB
• koil_ex3202.htm (EX-32.2) — 3KB
• 0001683168-24-007574.txt ( ) — 2984KB
• klng-20240930.xsd (EX-101.SCH) — 25KB
• klng-20240930_cal.xml (EX-101.CAL) — 41KB
• klng-20240930_def.xml (EX-101.DEF) — 53KB
• klng-20240930_lab.xml (EX-101.LAB) — 234KB
• klng-20240930_pre.xml (EX-101.PRE) — 182KB
• koil_i10q-093024_htm.xml (XML) — 370KB

Forward-Looking Statements

Forward-Looking Statements The statements contained or incorporated by reference in this Report that are not historical facts are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995), within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include any statement that may project, indicate or imply future results, events, performance or achievements. The forward-looking statements contained herein are based on current expectations that involve a number of risks and uncertainties. These statements can be identified by the use of forward-looking terminology such as "believes," "expect," "may," "will," "should," "intend," "plan," "could," "estimate," or "anticipate," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Given the risks and uncertainties relating to forward-looking statements, investors should not place undue reliance on such statements. Forward-looking statements included in this Report speak only as of the date of this Report and are not guarantees of future performance. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may prove to be incorrect. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary Economic uncertainty and financial market conditions may impact our customer base, suppliers and backlog; The volatility of oil and natural gas prices; Our use of

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 1 Balance Sheets 1 2 3 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19

OTHER INFORMATION

PART II. OTHER INFORMATION Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 5. Other Information 20 Item 6. Exhibits 20

Signatures

Signatures 21 Index to Exhibits 22 iii

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS KOIL ENERGY SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, 2024 December 31, 2023 (In thousands, except share and per share amounts) ASSETS Current assets: Cash $ 3,120 $ 2,030 Accounts receivable, net 5,306 4,228 Employee retention tax credit receivable 323 323 Inventory 401 430 Contract assets 418 480 Prepaid expenses and other current assets 272 358 Total current assets 9,840 7,849 Property, plant and equipment, net 2,699 2,968 Intangibles, net 66 72 Right-of-use operating lease assets 5,505 5,856 Right-of-use finance lease assets 38 103 Other assets 438 214 Total assets $ 18,586 $ 17,062 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 1,741 $ 2,129 Accrued payroll 398 385 Litigation reserve 839 839 Contract liabilities 1,426 1,377 Current operating lease liabilities 523 480 Current finance lease liabilities 18 74 Total current liabilities 4,945 5,284 Operating lease liability, long-term 5,739 6,136 Finance lease liability, long-term 12 24 Total liabilities 10,696 11,444 Commitments and contingencies (Note 8) – Stockholders' equity: Common stock, 24,500,000 shares authorized at $ 0.001 par value, 15,906,010 issued at September 30, 2024 and December 31, 2023 16 16 Additional paid-in capital 73,702 73,840 Treasury stock, 3,517,808 and 4,017,808 shares at September 30, 2024 and December 31, 2023, respectively, at cost ( 2,808 ) ( 3,135 ) Accumulated deficit ( 63,020 ) ( 65,103 ) Total stockholders' equity 7,890 5,618 Total liabilities and stockholders' equity $ 18,586 $ 17,062 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 1 KOIL ENERGY SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Nine Months Ended

View Full Filing

View this 10-Q filing on SEC EDGAR